CollPlant, a regenerative company, announced financial results for the first quarter ended March 31, 2019.
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Revenues for the first three months ended March 31, 2019 increased 164% to $594,000, compared to $225,000 in the first quarter of 2018. Revenues were derived from sales in the U.S. of CollPlant's BioInk for the development of 3D bioprinting of tissues and organs, sales of rhCollagen for medical aesthetics, as well as sales in Europe of CollPlant's soft tissue repair matrix, VergenixSTR, and VergenixFG for treatment of wounds.
CollPlant's gross profit for the first three months ended March 31, 2019 decreased 6% to $189,000 compared to $200,000 in the first quarter of 2018.
Total operating costs and expenses for the first three months ended March 31, 2019 were $1.7 million, a decrease of 26% compared to $2.3 million in the first quarter of 2018. The decrease is mainly due to non-cash share-based compensation amounting to $407,000.
Operating loss for the first three months ended March 31, 2019 was $1.6 million, a decrease of 24% compared to an operating loss of $2.1 million in the first quarter of 2018.
Financial expenses, net for the first three months ended March 31, 2019 were $482,000 compared to financial expenses, net of $6,000 in the first quarter of 2018. The increase is mainly due to non-cash re-evaluation expenses of the company's warrants and the anti-dilution derivatives.
Comprehensive loss for the first quarter of 2019 was $2.0 million, or $0.01 per share, compared to a comprehensive loss of $2.2 million, or $0.01 per share, for the first quarter of 2018.
Cash used in operating activities during the first quarter was $870,000 compared to $1.5 million in the first quarter of 2018. As of March 31, 2019, cash and cash equivalents totaled $3.7 million.
Cash used in investing activities during the first quarter was $711,000 compared to $208,000 in the first quarter of 2018. The increase is mainly attribute to the establishment of CollPlant's new HQ and R&D center in Rehovot, Israel. ■